The share prices across Asia fell on Friday after a downgrade for Greece and 16 Spanish banks further increased the instability linked to the eurozone debt crisis.

The weak data from the US also added to the global economic turmoil resulting in fall in the Asian shares. Various commodities including oil, gold as well as more riskier currencies such as the euro and Australian dollar fell to their lowest in a week.

The MSCI's broadest index of Asia-Pacific shares excluding Japan fell 3 percent to its lowest this year. The index is on its way to the weakest performance in eight months with a weekly loss exceeding 6 percent. The index has fallen 11 percent in May. The losses followed a sell-off in Europe and on Wall Street as investors become more risk averse in the markets.

The commodities sector fell 3.6 percent on concerns over weak demand while concerns over a slowdown in global economies resulted in the fall of technology and industrials. Japan's Nikkei stock average mped 3 percent to a four-month low while Korean shares fell the most in the Asian index recording a fall of 3.3 percent.

India's BSE benchmark Sensex on Friday dipped below the 16,000 points after loosing 232 points while National Stock Exchange index Nifty fell below the crucial 4,800 points level.